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National Australia Bank unveils rights issue

It will offer 194m new shares, raising A$5.5b as it boosts capital ahead of rule changes

Friday, May 8, 2015 - 05:50

NAB says that it plans to hand over 80% of its UK business to shareholders and sell the remainder.

PHOTO: BLOOMBERG

Sydney

NATIONAL Australia Bank Ltd (NAB) said that it plans to raise A$5.5 billion (S$5.8 billion) in the country's biggest ever rights issue, as the lender boosts capital ahead of regulatory changes and an exit from its UK business.